The US Department of Energy has announced more than $6 million in funding for algal-based biofuels, which, UPI says, have the potential to be cost-competitive in just a few years.
The agency has allotted $3.2 million to SRI International, which is working on developing a crude oil from algal biomass, and $3.1 million to the Research Triangle Institute, which is focusing on maximizing the biomass carbon and energy recovery process.
In a separate announcement, the DOE says it has awarded some $3.5 million to Cellana to develop a high-yield algae feedstock production system.
"This research project supports the Department’s goal of producing 2,500 gallons of algal biofuel feedstock per acre per year by 2018, an important milestone toward reducing the cost of algal biofuels to cost-competitive levels of 5,000 gallons per acre per year by 2022," the agency says.